Investor Presentation

September 2019

A New High-Grade WA Gold Discovery

Disclaimer

Forward Looking StatementsStatements regarding Spectrum’s plans with respect to its mineral properties and programmes are forward-looking statements. There can be noassurance that Spectrum’s plans for development of its mineral properties will proceed as currently expected. There can also be no assurance thatSpectrum will be able to confirm the presence of additional mineral resources/reserves, that any mineralisation will prove to be economic or that amine will successfully be developed on any of Spectrum’s mineral properties. The performance of Spectrum may be influenced by a number offactors which are outside the control of the Company and its Directors, staff and contractors.

Competent Person StatementThe information in this report that relates to Data and Exploration Results is based on information compiled and reviewed by Mr John Downing, aCompetent Person who is a Member of the Australian Institute of Geoscientists (MAIG) and a consultant to Spectrum. Mr Downing, who is also ashareholder, has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activitywhich he has undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for the Reporting of ExplorationResults, Mineral Resources and Ore Reserves’. John Downing consents to the inclusion in the report of the matters based on his information in theform and context in which it appears.

Where reference is made to previous releases of exploration results in this presentation, the Company confirms that it is not aware of any newinformation or data that materially affects the information included in those announcements and all material assumptions and technical parametersunderpinning the exploration results included in those announcements continue to apply and have not materially changed.

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Corporate Snapshot

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Current Shares On Issue (m) 1,386m

Unlisted Options (m) 134m

Performance Shares (m) 20m

Market Capitalisation @(8 cps) (A$m) $111m

Cash (31 August 2019 - unaudited) (A$m) $9.5m

Debt (30 June 2019) (A$m) nil

EV (A$m) $101m

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Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19

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Volume (m) ClosePrice

Alexander Hewlett Executive Chairman

Paul Adams Managing Director

James Croser Technical Director

Nader el Sayed Non-Executive Director

Capital Structure Share Price Performance – Past 12 Months

Board of Directors

Major Shareholders - undiluted

A Barton & Assocs8%

Directors1%

Chalice Gold Mines Ltd (ASX: CHN)

5%

1832 Asset Management

9%

Patina Resources PL8%

Other 69%

* Directors 6.5% Fully Diluted

Board of Directors

Alex Hewlett – Executive Chairman

Geologist, with significant gold and ASX

management experience including MD of Hammer

Metals Ltd (ASX:HMX) and founding director of

Black Cat Syndicate Ltd (ASX:BC8). Technical

background includes former Resource Geologist

with CSA Global.

Nader El Sayed - Non-Executive Director

CEO of Mining Services Group Multiplant Holdings

with 15 years of strategic, financial and risk

management background in Mining and Resources.

Current Director of Hammer Metals and previous

senior management roles with KPMG in Australia

and Internationally.

Paul Adams – Managing DirectorGeologist, 18 years in industry. 2IC Geology at the

giant high-grade Porgera Gold Mine PNG. 12 years

as Director, Head of Equities Research at DJ

Carmichael, specialist in hard-rock mining equity

valuations across numerous commodities, project

assessment, corporate advisory, M&A.

James Croser – Technical Director

Mining Engineer, 25 years experience, Director, MD

and Principal of several ASX-listed and private

resource companies. Operational roles and Mine

Manager roles in high grade UG environments. UG

Mine Manager at Daisy-Milano & Frog’s Leg. WA 1st

Class Mine Managers Certificate

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Brief History of Exploration Success

1. Spectrum has undertaken an aggressive drilling program at the Penny West Gold Project since acquiring it in December 2018

2. So far 22,360m of RC drilling has been completed

3. Results so far have been compelling with intercepts including:

– 14m @ 14.5 g/t from 124m including 8m @ 23.4 g/t

– 6m @ 47.7 g/t from 150m including 2m @ 140.0 g/t

– 9m @ 24.1 g/t from 265m including 3m @ 69.3 g/t

– 11m @ 25.8 g/t from 120m including 6m @ 46.8 g/t

4. Two diamond rigs continue to drill a 4,000m program

5. Sighter metallurgical test work indicates total recoveries up to 99.2%

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A Rapid and Exciting Journey

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Dec2018

Mar2019

Jun 2019

Sep2019

December 2018Penny West Gold Project Acquired

March 2019Penny North high-grade discovery

14m @ 14.5 g/tincluding 8m @ 23.4 g/t

April 2019Over-subscribed

$5.0m capital raising

June 2019SAM survey fieldwork completed at

Penny West Shear and surrounds

June 2019Completion of sightermetallurgy testwork

August 2019$7.25m capital raising

July 2019Significant intercepts including:

5m @ 24.4 g/tincluding 3m @ 40.2 g/t

August 2019Further High Grade Results:

4m @ 63.1 g/tincluding 3m @ 83.7g/t

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Many Catalysts to come: • Resource Estimate

• Penny North extensional diamond drilling program

• Follow up program under the south end of Penny West Pit & Magenta

• Follow up geophysics over 3km strike length of Penny West Shear

A High-Grade Gold Discovery

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Note: Refer to ASX Announcement: Drilling Update 16 July 2019

• Penny West is an old gold mine which was mined by open pit at very high grades

• High-grade gold in the WA goldfields – top jurisdiction

• Granted mining leases

• Numerous processing plants in district

• Existing open pit can be used to access high-grade lode

• Excellent metallurgy

• Predictable lode structure

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Note: Refer to ASX Announcement: Drill results and diamond core 18 September 2019

High Grade Gold Results Continue

• SPWRC006 – 5m @ 28.9 g/t gold from 203m, including 1m @ 103 g/t gold from 203m.

• SPWRC009 – 3m @ 5.0 g/t gold from 86m including 1m @ 11.5 g/t gold from 86m.

• SPWRC024 – 2m @ 12.0 g/t gold from 173m.

• SPWRC027 – 6m @ 47.4 g/t gold from 150m, including 2m @ 140.0 g/t gold from 153m.

• SPWRC029 – 11m @ 25.8 g/t gold from 131m, including 6m @ 46.8 g/t gold from 131m.

• SPWRC032 – 2m @ 12.9 g/t gold from 186m and 1m @ 11.9 g/t gold from 196m.

• SPWRC039 – 3m @ 70.8 g/t gold from 205m including 1m @ 180.3 g/t gold from 206m.

• SPWRC040 – 11m @ 11.7 g/t gold from 229m including 7m @ 17.5 g/t gold from 230m.

• SPWRC047 – 4m @ 4.60 g/t gold from 111m including 1m @ 18.0 g/t gold from 111m.

• SPWRC053 – 9m @ 7.7 g/t gold from 200m including 5m @ 13.3 g/t gold from 202m.

• SPWRC056 – 3m at 40.2 g/t gold from 241m.

• SPWRC060 – 3m at 26.7 g/t gold from 268m.

• SPWRC067 – 3m at 34.4 g/t gold from 264m.

• SPWRC068 – 9m at 24.1 g/t gold from 265m.

• SPWRC080 – 2m at 50.5 g/t gold from 338m.

• SPWRC081 – 4m at 63.1 g/t gold from 289m.

• SPWRC082 – 6m at 10.0 g/t gold from 348m., including 2m at 28.3 g/t from 348m.

• SPWRC096 – 6m at 11.1 g/t gold from 319m., including 2m at 32.5 g/t from 322m.

Testwork Shows Straightforward Metallurgy

Sighter Metallurgical Test work – 2 composites• SPWRC002 (128-146m) and SPWRC018 (135-139m)

• Conventional Crush – Grind – Gravity – Leach flowsheet

• Total recoveries up to 99.2%

• Gravity recovery up to 76.9%

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Parameter SPWRC 002 SPWRC 018

Total Sample Mass Received (kg) 17.43 13.665

Assay Head Grade (g/t) 20.5 25.3

Recalculated Head Grade (g/t) 25.1 24.7

Gravity Concentrate Mass (g) 27.3 17.4

Total Gravity Stage Recovery (%) 76.9% 10.6%

Leach Feed Grade (g/t) 5.8 22.2

Leach Stage Recovery (% of Leach Feed) 96.4% 99.0%

Tails/Residue Grade (g/t) 0.213 0.216

Total Recovery (%) 99.2% 99.1%

Note: Refer to ASX Announcement: Further high grade results from Penny North 25 June 2019

Diamond drill core from SPWDD003 271.4m

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Potential for a Bigger System at Penny West?

• Sulphidic quartz vein host

• High gold grade accompanied by abundant galena

• Biotite alteration halo

• Predictable structure close to Granodiorite-Amphibolite contact zone

• Tested to depth of 300 meters and remains open down plunge and down dip at Penny North and at Penny West and Penny South

• Strike length now extended to over 750m

Note: Refer to ASX Announcement: Drill results and diamond core 18 September 2019

Note: Refer to ASX Announcement: High Grade Results Continue at Penny North 20 August 2019

11Auger Gold Geochemistry Results

Auger drilling identifies additional targets

• 1,227 multi-element (33) Auger geochemistry samples

• Gold to 447 ppb

• Coincident As, Ag, Cu, Pb, Zn, Bi, Sb

• Results in 5 high-priority targets from 18 anomalies

• Identifies additional targets at:

– Northern Extension

– Magenta / Columbia

– Columbia North

– Youangarra East

Regional Prospectivity at Penny West

Note: Refer to ASX Announcement: Penny West auger program uncovers priority drill targets 16 January 2019

Magnetics & SAM Show Numerous Regional Targets

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• Penny West Gold Project presents a1.4km untested area between to zonesof high grade mineralisation

• Previous drilling at Magenta andColumbia have delineated a shallowplunging high grade shoot

• Columbia-Magenta only drilled to 40mdepth in previous drilling

• Spectrum drilling confirms continuityinto fresh rock with grades up to11.5g/t

Penny West Mag RTP Penny West SAM 1VD

Note: Refer to ASX Announcement: Multiple Targets Identified at Penny West 29 August 2019

Note: Refer to ASX Announcement: Geophysical Survey Initiated over Penny West Shear 31 May 2019

Aggressive Ongoing Exploration

Penny West over the next 6-9 months

1. Continue to drill out and expand Penny North

2. Undertake follow up program around new discovery under the south end of Penny West Pit & Magenta

3. Follow up geophysical anomalies over 3km strike length of Penny West Shear

4. Resource estimate

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Note: Refer to ASX Announcement: Drill update and diamond drill core 18 September 2019

Spectrum Metals

Highly Experienced Board & Management

Team

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Fully Funded Drilling Program & Maiden

Resource

World Class WA Gold Jurisdiction

Currently Undertaking an Aggressive Drilling

Program

A New High-Grade WA Gold Discovery

Spectrum Metals is Rapidly Advancing its Penny West Gold Project

SPX Contact:Paul Adams – Managing DirectorSpectrum Metals LtdE:paul@spectrummetals.com.auM:+61 8 6369 1195